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how to correct wrong accumulated depreciation & net bok value

Hi experts;

     I've an issue about wrong calculations for Accumulated Depreciation for Fixed Assets and accordingly gives wrong Net Book Values.

     * Steps of the Issue:

1. There was an error during the Fixed Assets upload data. Transfer Date in 30.04.2014

2. At end of 2014 system showed wrong amounts for Asset calculations, instead of correcting them, a manual post has been done to the G/L accounts through OASV to adjust the Trial Balance for auditing purposes.

3. Now when I established running depreciation in 2015 system error message appeared informing that Fiscal Year Assets is not open.

4. By going to AJRW to open Fiscal Year 2015, I received error message informs that previous year to should be closed at first.

5. By going to AJAB to close Fiscal year 2014 it gave error message that depreciation must be run for some Fixed Assets (because they were not depreciated in 2014 and instead trial balance has been adjusted manually as mentioned above) So I run depreciation for them and managed to close 2014 and open 2015.

     * Result:

found that all Acc. Dep. and Net Book Value for all Assets are incorrect due old wrong upload for Fixed Assets data (as mentioned above in point #1) and if I run now depreciation for 2015 values will still be wrong and the more that results are too far from correct where even the current wrong value for Acc. Dep. is Debited and the amount of Net Book Value is greater than the Acquisition Value for the Asset.

     * Question:

kindly advice and guide how can I overcome and correct such big issue.

Thanks in advance;

Kind regards;

Ahmad Mahmud;

replied

Hi Ahmad,

If the depreciation is over charged then you can write up the depreciation by ABZU in 2015 or if less charged then you can post unplanned depreciation by ABAA in 2015. After done this you reverse the GL posting which you did in 2014 by OASV.

Regards,

Mukthar

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